Section 11-312. Water rents; when payable; penalty for nonpayment

a.
  One-half  (i)  the  uniform  annual  water   charges   and   extra   and
  miscellaneous  charges  for  water  not  metered and (ii) annual service
  charges shall become due and payable, in advance if entered  on  January
  first,  nineteen  hundred seventy-four for the period commencing January
  first, nineteen hundred seventy-four and ending June thirtieth, nineteen
  hundred seventy-four.  Commencing on June  thirtieth,  nineteen  hundred
  seventy-four,  uniform  annual water charges and extra and miscellaneous
  charges for water not metered and annual service charges  shall  be  due
  and  payable  in  advance  on the thirtieth day of June in each year, if
  entered. If any of such rents and charges which become due  and  payable
  on or before June thirtieth, nineteen hundred seventy-six shall not have
  been  paid  to  the commissioner of finance or his or her designee on or
  before the last day of the month following the month of entry, it  shall
  be  the  duty  of  the commissioner of finance or his or her designee to
  charge, collect and receive interest thereon to  be  calculated  at  the
  rate  of  seven  percent  per  annum  from  the date when such rents and
  charges became  due  and  payable  to  December  thirty-first,  nineteen
  hundred  seventy-six,  and at the rate of fifteen percent per annum from
  January first, nineteen hundred seventy-seven to the date of payment. If
  any of such rents and charges which shall become due and payable  on  or
  after June thirtieth, nineteen hundred seventy-seven are not paid to the
  commissioner of finance or his or her designee on or before the last day
  of  the  month following the month of entry, it shall be the duty of the
  commissioner of finance or his or her designee to  charge,  collect  and
  receive interest thereon to be calculated at the rate of fifteen percent
  per  annum  from  the  date  when  such rents and charges became due and
  payable to the date of payment. If  not  so  entered  and  payable,  but
  entered  at  any  time subsequent thereto, they shall be due and payable
  when entered and notice thereof shall be mailed within five days of such
  entry to the premises against which they are imposed addressed to either
  the owner or  the  occupant  and,  if  entered  on  or  before  December
  thirty-first, nineteen hundred seventy-six but not paid on or before the
  last day of the month following the month of entry, it shall be the duty
  of the commissioner of finance or his or her designee to charge, collect
  and  receive  interest  thereon  to  be  calculated at the rate of seven
  percent per annum from the  date  of  entry  to  December  thirty-first,
  nineteen  hundred  seventy-six,  and  at the rate of fifteen percent per
  annum from January first, nineteen hundred seventy-seven to the date  of
  payment;  if  entered  on  or  after  January  first,  nineteen  hundred
  seventy-seven but not paid on or  before  the  last  day  of  the  month
  following  the  month of entry, it shall be the duty of the commissioner
  of finance or his  or  her  designee  to  charge,  collect  and  receive
  interest  thereon  to  be  calculated at the rate of fifteen percent per
  annum from the date of entry to the date of payment.
    b. All charges for meters and their connections and for their setting,
  repair and maintenance, and all charges in accordance with  meter  rates
  for supply of water measured by meter, including minimum charges for the
  supply  of  water  measured  by  meter,  shall  be  due and payable when
  entered, and notice thereof shall be mailed within  five  days  of  such
  entry stating the amount due and the nature of the rent or charge to the
  last  known  address  of  the person whose name appears on the record of
  such rents and charges as being the owner, occupant or agent  or,  where
  no  name  appears,  to the premises addressed to either the owner or the
  occupant, and if entered on or before  December  thirty-first,  nineteen
  hundred  seventy-six but not paid on or before the last day of the month
  following the month of entry, it shall be the duty of  the  commissioner
  of  finance  or  his  or  her  designee  to  charge, collect and receive

  interest thereon to be calculated at the rate of seven percent per annum
  from the date  of  entry  to  December  thirty-first,  nineteen  hundred
  seventy-six,  and  at the rate of fifteen percent per annum from January
  first, nineteen hundred seventy-seven to the date of payment; if entered
  on  or  after January first, nineteen hundred seventy-seven but not paid
  on or before the thirtieth day following the date of entry, it shall  be
  the  duty  of  the  commissioner  of  finance  or his or her designee to
  charge, collect and receive interest thereon to  be  calculated  at  the
  rate  of fifteen percent per annum from the date of entry to the date of
  payment.
    c. No later than the twenty-fifth day of May in each year, the banking
  commission shall transmit a written recommendation to the council  of  a
  proposed  interest  rate to be charged for nonpayment of water rents. In
  making such recommendations the commission shall consider the prevailing
  interest rates charged for commercial loans extended to prime  borrowers
  by commercial banks operating in the city and shall propose a rate of at
  least  six per centum per annum greater than such rates. The council may
  by resolution adopt an interest rate to be  charged  for  nonpayment  of
  water  rents  pursuant to section 11-224 of the code and, for nonpayment
  of water rents that become due and payable on or after July  first,  two
  thousand five, pursuant to section 11-224.1 of the code, and may specify
  in  such  resolution  the  date  on  which such interest rate is to take
  effect.